Manish Mishra (Manikant Mishra) is a commerce graduate and perusing MBA from IGNOU. He is a student who scoring between 60 to 70% till graduation. He has completed his graduation in 2011. That time, he was working with an MNC company Global Upside as an accounts executive.

Manish is the founder and CEO of “ManiTree Group” (a consulting firm); which vision is serving for society. Mr. Ashutosh Kushawaha is the Managing Director of the “ManiTree Group”. He is the chairman of “ManiTree Vidyapeeth” (coming soon) who will work for educate the child in slum area. “ManiTree Vidyapeeth” is also beneficial for commerce student and who are doing MBA in Finance, CA - CPT, and CS foundation.

Manish is interested to doing something for others, who need his help. Help to other is his life motto. Book, News Paper, Magazine reading and discussion on current affairs and managerial activities are his hobby. He is always enjoying the life in his way. There is no other activity for entertainment as he is happy with his job.

Wednesday, May 19, 2010

DIN Application of NRI in India

The photograph, identity proof and address proof should be attested at the embassy / notary of the country in which he resides. Also a certified copy of the valid passport should be enclosed.

There are some instruction for being a subscriber of MOA/AOA of Indian Company:
The Reserve Bank of India had given general permission under section 29(1)(b) of the former FERA, 1973 to NRI to subscribe to the MOA of an Indian company and to take shares as a subscriber .(Notification No. FERA 143/93-RB, dated 26-4-1993 issued by RBI, Mumbai in this regard is reproduced hereunder:

“The RBI has given general permission to NRI to subscribe to the MOA/AOA of Indian Company for the purpose of Incorporation of the company subject to the condition that:-

(a) the total face value of the shares to be taken by NRI does not exceed Rs. 10,000
(b) the company is being manly formed for undertaking industrial activities
(c) the MOA of such company does not permit the company to take up any agriculture/plantation activities and to deal in real estate business other than developing real estate, and
(d) such company shall file a declaration in the prescribed form with the RBI regarding particular of such shares issued within 900days from the date of incorporation of the company.

DCA Circular dated 16-2-1995 clarifies that there can not be any restriction for incorporation of a company whether all the subscriber to the MOA/AOA/ proposed directors are residing abroad, being either foreign nationals, or NRI subject to the approval of RBI, where necessary.

The RBI may issue such a general permission also under FEMA, 1999 also. The FEMA(Permissible Capital Account Transactions) Regulations, 2000 allow persons resident outside India to invest in an issue of security by body corporate or an entity in India.

1 comment:

  1. Valuable information, thank you very much for clearing the doubts for getting DIN for NRI.